Globally, a bank guarantee is one of the most popular products for covering risk associated with commercial transactions. Bank guarantee ensures the fulfillment of the obligations assumed by the principal (you) to the beneficiary (your partner).
JSC Liberty Bank offers both local and international bank guarantees. Common forms of bank guarantee are:
- Tender guarantee - used to participate in the tender and ensures the fulfillment of the obligations undertaken by the bidder (you) under the terms of the tender.
- Auction Guarantee - used to participate in the auction and ensures the fulfillment of the obligations assumed by the bidder (you) under the terms of the auction.
- Performance Guarantee - used for the purpose of concluding a contract and ensures the fulfillment of the obligations under the contract by the supplier (you).
- Advance Payment Guarantee - is a means of working capital financing and is used by the provider (you) to receive the amount in advance and ensures the fulfillment of contractual obligations by the supplier (you).
- Defect Liability / Quality Guarantee - used to ensure the obligations incurred by the supplier (you) during the period of liability for defects after the delivery of goods or completion of works.
- Customs Guarantee - working capital financing instrument that allows the importer (you) to defer or not pay import customs duties (if the goods are intended for future export). It is used for various customs clearance modes of imported goods, such as: re-export, temporary import, processing mode and customs warehouse.
- Payment Guarantee – is a means of working capital financing and is used to defer payment of for the goods, works or services purchased by the buyer (you).
- Loan Guarantee - used to secure any type of loan and ensures that the borrower (you) fulfills the obligations under the loan agreement.
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